TAX CUTS DO WHAT? Thomas Sowell explains why it’s important for economists to combat public ignorance.
Great strides were made in the 1990s, which is why you’ve probably invested some of your money in a mutual fund instead of a passbook savings account. (When I was a financial planner in the early to mid-nineties, I can’t tell you how many times I’d explain basic–and I do mean basic–economic principles to people who told me, “man, we never were taught this in school!) But as Sowell points out, a lot more work needs to be done before the majority of people in the US understand basic economics.